Heart Closure Devices Market is anticipated to reach US$ 10.88 Billion by 2033, at a CAGR 14.9%

The global Heart Closure Devices Market size is expected to be worth US$ 2.71 billion in 2023. Due to an increase in demand for highly efficient procedures among people, as well as an increase in R&D spending for developing innovative and technologically advanced products, overall demand for Heart Closure Devices is expected to grow at a CAGR of 14.9% between 2023 and 2033, totaling around US$ 10.88 Billion by 2033.

Factors such as an increase in the frequency of congenital heart defects, technological developments in Heart Closure Devices, increased acceptance of MRI treatments, and an increase in the geriatric population are likely to drive the worldwide Heart Closure Devices market during the research period.  However, the high production costs and tight regulations connected with these devices impede market expansion. In contrast, an increase in the frequency of heart attacks and the development of innovative products by key competitors are likely to open up profitable opportunities for market expansion in the next years.

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Furthermore, 3D imaging and anatomical models are increasingly being used in the production and design procedures of Heart Closure Devices. This is projected to revolutionise the industry’s supply landscape due to traits such as personalisation, adaptability, and flexibility afforded by 3D imaging technology. This reduces the overall number of prostheses used per patient as well as the operation time, making it a viable choice in the production and planning process. Similarly, constant new product launches and approvals, as well as significant expansion of the healthcare industry across emerging economies, will augur well for market growth in the foreseeable future.

Key Takeaways from the Market Study

• By the end of 2022, the global market for Heart Closure Devices was valued at $2.36 billion USD.
• From 2018 to 2022, market demand increased at a 6.6% CAGR.
• By Closure Type, the left atrial appendage closure segment accounts for the lion’s share of the market (49%).
• With a 47% market share, the Hospitals category dominates the market by End-User.
• Heart Closure Devices sales are predicted to grow at a 14.9% CAGR between 2023 and 2033.
• The market value of Heart Closure Devices is estimated to reach US$ 10.88 billion by 2033.

“The rise in patient pool globally, and growing awareness about heart diseases positively are the major factors driving the growth of the Heart Closure Devices Market during the forecast period,” remarks an FMI analyst.

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Competitive Landscape

Players in the global Heart Closure Devices Market focus on expanding their global reach through various strategies, such as; partnerships, collaborations, and partnerships. The players are also making a significant investment in R&D to add innovations to their products which would help them in strengthening their position in the global market.

Some of the recent developments among the key players are:

• In July 2021, Angel Medical Systems, Inc. announced the first commercial implantation of their flagship product, “The Guardian” device in the U.S. region. This was the first procedure followed by their recent FDA approval.
• In April 2021, Phoenix Cardiac Devices, Inc. announced that they received a CE Mark for their product, BACE (Basal Annuloplasty of the Cardio externally) device. This approval helps in the commercialization of BACE in the European Union.
• In March 2021, the US FDA announced the approval of the world’s first non-surgical heart valve treatment for pediatric and adult patients suffering from a native or surgically repaired right Ventricular outflow tract (RVOT). The device was specifically developed to treat patients with severe pulmonary heart regurgitation.

Know More About What the Heart Closure Devices Market Repost Covers

Future Market Insights offers an unbiased analysis of the global Heart Closure Devices Market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.

To understand opportunities in the Heart Closure Devices Market, the market is segmented on the basis of closure type across five major regions.

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Key Segments Covered in the Heart Closure Devices Industry Analysis

Heart Closure Devices Market by Closure Type:

• Congenital Heart Defect Closure
  • Atrial Septal Defect (ASD)
  • Patent Ductus Arteriosus (PDA)
  • Ventricular Septal Defect (VSD)
• Patent Foramen Ovale (PFO) Closure
• Left Atrial Appendage (LAA) Closure

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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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